Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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company A issues an invoice upon selling its product to company bBelow is the information extracted from the invoiceprice : $ 100quantity: 50Term: n/3; 2/10date : 2022-oct-10
find the discount amount? and discount period?
Please show the complete solution. Thank you so much.
1. In September 15, 2015, MARK Company signed two non-cancellable purchase commitments. The first requires MARK to purchase inventory of 1,000 units at P950 each (total cost P950,000) by January 15, 2016. The second requires the company to purchase inventory of 1,000 units at P1,200 each (total cost P1,200,000) by March 15, 2016. MARK’s fiscal year end is December 31. The company uses perpetual inventory system.
Movements in the price of the inventory are summarized below:
December 31, 2015 - P1,100January 15, 2016 - 900March 15, 2016 - 1,300
Question: What is the amount of net gain (loss) on purchase commitment to be reported in 2015 and 2016 Statement ofcomprehensive income, respectively?
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2012 MARCHA retailer received an invoice of RM4,500 dated 6 July 2010 with trade discount offer of 15% and 10% and cash discount terms of 5/10, 3/15, n/30.
i) Find the Single trade discount equivalent.
ii) Find the amount of payment if the retailer decides to make a payment on 11 July 2010.
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- DSWD purchased goods for distribution on account with list price amounting to P100,000. The supplier granted trade discounts of 20% and 10%, with credit terms of 5/10, n/30. Payment was made 15 days after the date of purchase. Compute the cost of purchased goods for distributionarrow_forwardOn June 1, 2023, AAA Company sold merchandise with an invoice price of 5,000,000 to a customer. The entity allowed trade discounts of 15%, and 10%. Credit terms were 3/10, n/30 and the sale was made FOB destination. AAA Company paid 100,000 of the delivery cost. a. Compute the total amount of purchases to be included on the buyer’s inventory in the determination of cost of goods available for sale if payment was made beyond the discount period. b. What is the full amount received by AAA company if payment was made on June 11, 2023?arrow_forwardHow much is the remaining balance on due date?Invoice Date: 11/5/14Date of goods’ arrival: 11/8/14List Price: P368,900Shipping fee: P3,240 (separate invoice)Terms of Payment: FOB Destination 8% Trade discount6/10,3/20, n/30Partial Payments: P90,000 on Nov 8, 2014P130,000 on Nov 14, 2014P40,000 on Nov 21, 2014P50,000 on Nov 25, 2014arrow_forward
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